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CVS stock, in early trading the worst performer in the S&P 500, was recently down 10%. The news dragged on the index’s healthcare sector, which was modestly lower. Amazon’s shares edged downward.
The PBM business, which negotiates drug prices and offers other services like mail-order pharmacies, is highly profitable and largely controlled by just three companies: CVS, Cigna and UnitedHealth Group. Any sign those long-term profits are potentially at risk can send jitters through Wall Street.
